2020-07-01T11:24:39-07:00
Image: Scenes from around campus

Peralta Saves Taxpayers $5 Million with Bond Refinancing

1 July 2020

Oakland, CA – In the latest demonstration of financial stewardship by the Peralta Community College District (PCCD), the District has sold General Obligation bonds from bond measures passed in 2006, 2009, and 2018 to finance capital projects throughout the district while saving taxpayers $5.1 million in reduced debt service.

In April, the District successfully sold $115 million of general obligation bonds authorized by the voters of Alameda County in the election of 2006 (Measure A) and 2018 (Measure G) at a much lower rate than what was promised to taxpayers, successfully minimizing any added debt.  Soon after, the District refunded $22.9 million of its series 2009 (Measure E) bonds to generate $5.1 million in debt service savings for taxpayers. Like the district’s new money issuance, the refunding bonds received high ratings of AA- from Standard & Poor’s and AA by Fitch Ratings.

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This was made possible by the careful planning, successful marketing strategy, and expert monitoring of market conditions by the District and its financing team.

“We’re pleased to save the taxpayers over $5 million dollars while fulfilling our mission to deliver educational services and programs that enhance the region’s human, economic, environmental, and social development. This latest success wouldn’t be possible without the leadership of Dr. Carla Walter, Vice Chancellor of Finance and Administration, who led a team of financial advisors, bond counsel, bankers, underwriters, and more to make this savings for taxpayers possible,” said PCCD Chancellor Dr. Regina Stanback Stroud. “We continue to be grateful to the people of Alameda County for making capital improvements of the Peralta Community College District a priority.”

Bond funding is being used to support the District-wide facilities master plan, which includes renovating aging classrooms, building new science and technology labs, and modernizing facilities that are decades old. This will provide all of the students who attend Peralta Colleges with the first-rate educational environment they deserve. To learn more about the different capital projects underway at Laney College, College of Alameda, Berkeley Community College, and Merritt College, please visit build.peralta.edu.

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